Feb 13 (Reuters) - Leaders of the Group of 20 major nations gather in London on April 2 for a summit to coordinate actions to try to rescue the world from financial crisis.
A series of meetings will be held to prepare for the summit which aims to deliver on commitments made at the G20 in Washington in November.
Four working groups are preparing reports ahead of the summit, and each has two chairmen -- one from an industrialised country and one from a developing country. They will report to a meeting on March 14 of G20 finance ministers and central bank heads.
The groups cover:
1) Enhancing sound regulation and strengthening transparency.
Remit: Strengthen international standards in the areas of accounting, disclosure and risk, seek to provide greater consistency for regulatory regimes.
Co-chairs: Rakesh Mohan, Deputy Governor of the Reserve Bank of India, and Tiff Macklem, Associate Deputy Minister, Canadian Ministry of Finance
2) Reinforcing international cooperation and promoting integrity in financial markets.
Remit: Strengthen the management and resolution of cross-border financial crises, protect the global financial system from illicit activities
Co-chairs: Alejandro Werner, Deputy Minister of Finance Mexican Ministry of Finance, and Joerg Asmussen, State Secretary in the German Federal Ministry of Finance
3) Reforming the International Monetary Fund (IMF)
Remit: Look at the role, governance and resource requirements of the IMF.
Co-chairs: Lesetja Kganyago, Director General of the South African National Treasury, and Mike Callaghan, Special Envoy International Economy (Australia)
4) The World Bank and other multilateral development banks
Remit: Consider the mandates, governance, resourcing and policy instruments of the MDBs in light of the needs of their members and the pressures resulting from the impact of the downturn on developing countries.
Co-chairs: Anggito Abimanyu, Head of Fiscal Policy at the Indonesian Ministry of Finance, and Benoit Coeure, Head of Multilateral Affairs and Development Policy at the French Ministry of Finance
KEY DATES
Nov 15, 2008 - WASHINGTON
G20 leaders met, the first time such a summit had been held. http://www.g20.utoronto.ca/2008-leaders-declaration-081115.html
Feb 13/14, 2009 - ROME
Finance ministers and central bankers from the G7 industrial powers plus Russia meet in the Italian capital.
Feb 22 - BERLIN
Germany hosts leaders of Britain, France, Italy, Spain, Netherlands, Czech Republic and Luxembourg to prepare a common European stance ahead of the G20 summit. European Commission President Jose Manuel Barroso, ECB President Jean-Claude Trichet and Bank of England Governor Mervyn King are also due to attend.
March 1 - BRUSSELS
Special meeting of EU leaders to discuss efforts to stabilise the financial sector.
March 13/14 - SOUTHERN ENGLAND
Main preparatory meeting of finance ministers and central bankers ahead of the leaders' summit. Working groups will present their report.
April 2 - LONDON
G20 leaders meet.
April 24-26 - WASHINGTON
G7 finance ministers and central bankers meet, IMF, World Bank spring meeting held
June 12/13 - ITALY
G8 finance ministers meet
July 8-10 - La Maddalena, SARDINIA
Leaders of G8 nations meet for annual summit.
Oct 6-7 - ISTANBUL
G7 finance ministers and central bankers meet; IMF, World Bank annual meetings held. (Sources: Reuters, http://www.londonsummit.gov.uk/en/ http://www.g8italia2009.it)